Helical has sold a 50% interest in the redevelopment of 100 New Bridge Street in London for £55m to a vehicle led by Orion Capital Managers.
The building will be taken back to the frame and comprehensively refurbished with new cladding and two additional floors added to create 191,056 sq ft of office space and 3,592 sq ft of ground floor retail.
Simultaneously to the joint venture agreement being signed, the parties entered into a development financing arrangement with NatWest and an institutional lender – NatWest is providing £50m of the £155m facility.
The joint venture has also signed a building contract with Mace. Construction work has already commenced and the building is scheduled to complete in March 2026.
Helical said the proceeds from the sale would be used to fund the company’s ongoing development pipeline.
Gerald Kaye, chief executive of Helical, said: “We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top quality office space in the City.”
Aref Lahham, managing partner at Orion, added: “We continue to believe that there is a window of opportunity in bringing best-in-class, green office space to the city market to capture the pressing tenant demand whilst supply remains constrained.”
Helical was advised by Knight Frank and Clifford Chance and Orion was advised by A&O Sherman.
